George A. Akerlof Books
Akerlof is an American economist and Nobel laureate known for his work on information asymmetry, particularly 'The Market for Lemons.
Known for: Phishing for Phools: The Economics of Manipulation and Deception
Books by George A. Akerlof
Phishing for Phools: The Economics of Manipulation and Deception
In this influential work, Nobel laureates George A. Akerlof and Robert J. Shiller explore how markets, while often efficient, can also exploit human psychological weaknesses. They argue that free markets not only allow but encourage 'phishing'—the manipulation of consumers and investors for profit. Through examples from finance, health, and politics, the authors reveal how deception and exploitation are intrinsic to modern capitalism, urging readers to recognize and mitigate these manipulative forces.
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The Concept of Phools
We begin with a simple yet unsettling idea: in every market there are ‘phools.’ The term isn’t meant to insult, but to describe people — essentially all of us at various times — who are led astray by manipulation. As we define it, a ‘phool’ is someone deceived or seduced into actions that serve anot...
From Phishing for Phools: The Economics of Manipulation and Deception
Economic Theory and Human Psychology
For decades, economists built elegant frameworks assuming that individuals act rationally: they know what they want, they gather information efficiently, and they make choices consistent with maximizing their welfare. Yet, time and again, real-world evidence has shattered this tidy picture. In our c...
From Phishing for Phools: The Economics of Manipulation and Deception
About George A. Akerlof
Akerlof is an American economist and Nobel laureate known for his work on information asymmetry, particularly 'The Market for Lemons.
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Akerlof is an American economist and Nobel laureate known for his work on information asymmetry, particularly 'The Market for Lemons.
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